Let's put in Caterpillar ( CAT) and Deere ( DE) as players on the edge, two that have given weaker outlooks of late and may be hostage to China and a reduction in crop prices. Mosaic's ( MOS) in the same boat and, to me, seems just too difficult to buy because the rest of the ag cohort is most definitely in the doghouse.

Which brings me to the final grouping, the Brokedown Palace stocks that don't just seem vulnerable to further downside but are in pathological downturns.

First, is the aforementioned ag cohort, with Potash ( POT) and CF ( CF) just looking hideous. You want a Mosaic or an Agrium ( AGU) in that instance? I will take a pass. The second, very worrisome group, to say the least, is the miners. Hard to be worse than Freeport ( FCX), except Barrick Gold ( ABX) and Newmont ( NEM). After a bottom breather, one that proved to be false, the coals are rolling over again and that chart of Peabody ( BTU) is just hideous. Two tech stories are worth noting: EMC ( EMC), which did not report all that great a quarter but didn't break down at that time, and Lexmark ( LXK), which could be taking heat from a newly-rejuvenated HP.

Finally I am struck by how hideous some retailers are right now, starting with Coach ( COH). I have to tell you that Coach is one of those stocks that seem too cheap to ignore, but I lack a catalyst to turn it around. Then there is Chico's ( CHS) and Limited ( LTD), two formerly strong stories that seem to be getting their butt kicked. I heard someone on CNBC last week saying this is the level to buy Limited and it has been a long-term winner, so perhaps that can reverse the torturous decline.

So, you can see that there's plenty to like after the pullback, but a host of problem stocks remain. I am, like the old days, using them as a jumping off point, but remember I can't short stocks for Action Alerts so I don't have as good a grip on the short side for the stocks that are clearly broken and seem to be headed lower.

At the time of publication, Action Alerts PLUS, which Cramer co-manages as a charitable trust, had no positions in the stocks mentioned.

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